Britain’s Dr. Martens’ shares were trading up 4 percent after Sky News reported that activist fund manager Sparta Capital accumulated stock worth tens of millions of pounds in the London-listed bootmaker.

The report said that Sparta, launched by Franck Tuil, a former Elliott Management exec, has been engaging with the company’s board in an attempt to improve its financial and operating performance.

Shares in Dr. Martens, which have fallen almost 68 percent since listing in 2021, were trading up, as of 07:30 GMT, making it the top gainer on London’s FTSE 250 index.

Dr. Martens, whose work boots have been fashionable since the 1960s, has been struggling with waning demand in the US — the second-largest and toughest market for the firm — as consumers cut back on discretionary spending amid high inflation.

The US will continue to weigh on its profit margins, the bootmaker said in June.

Dr. Martens and Sparta did not immediately respond to a Reuters request for comment on the Sky report.

By Radhika Anilkumar; Editor: Sonia Cheema

Learn more:

Dr. Martens Warns on Profit, Shares Slide More Than 20%

British bootmaker Dr. Martens Plc issued a profit warning, citing significant operational issues at its new distribution centre in the United States that sent its shares plunging by more than a fifth.